topic Mercedes Benz Financial - Question in Auto Loans

Mercedes Benz Financial - Question

Abelcrdn — Fri, 18 Sep 2020 11:53:39 GMT

I went to the dealership and found a 2017 C300 Coupe that I love. It only has 8k miles on it & is very well equipped. Original MSRP was $58,015. We came to a deal @ $36,997 + about $400 in fees since I live in Oregon. I applied for financing at about 6:40pm and Mercedes Benz financial closes at 7:00pst.

My question is, when I went to submit for approval it was not instant. They are asking for a copy of my drivers license (front & back) and a copy of my social security card (front and back). Is this normal or a good sign? Will I be approved? He said it came back as a Teir 1 but they need that info before they give a decision.

They only pull TU according to the financing manager and it was the only alert I received.

Data Points

TU - 743

Income - $100k a year

UTI - 14%

DTI - 10%

Re: Mercedes Benz Financial - Question

Gladius — Fri, 18 Sep 2020 12:41:42 GMT

NIce car! Hope it all goes well for you.

Re: Mercedes Benz Financial - Question

blindambition — Fri, 18 Sep 2020 14:15:30 GMT

I wouldn't worry if directly dealing with Mercedes Financial. That's a common practice for verification. That's a good sign, most lenders don't waste time on a denial. Good luck!!!

Re: Mercedes Benz Financial - Question

lhcole77 — Fri, 18 Sep 2020 15:09:16 GMT

Congrats @Abelcrdn

That's a sweet ride. Tier 1 is best terms, so I wouldn't worry. Given current events and crazy fraud right now, sounds like an approval pending verification.

Re: Mercedes Benz Financial - Question

Abelcrdn — Sat, 19 Sep 2020 00:40:19 GMT

Approved @ 3.74 for 72 months. They called me cell phone to ask 4 security questions to verify my identity.

Re: Mercedes Benz Financial - Question

AllZero — Sat, 19 Sep 2020 01:06:27 GMT

Congratulations on your approval! Enjoy your new ride.

Re: Mercedes Benz Financial - Question

ridgebackpilot — Sat, 19 Sep 2020 22:03:06 GMT

Congratulations on your approval! Mercedes Financial has always been easy to deal with. A couple of years ago, I got 1.9% APR for 36 months on my CPO 2016 GLE. At the time, my scores were about the same as yours.

Re: Mercedes Benz Financial - Question

Abelcrdn — Sat, 19 Sep 2020 22:15:56 GMT

That's awesome! My wife currently has a 2020 GLE350 lease with them in just her name and we've had no issues but I don't remember why I didn't go on the lease.

We love the lineup

@ridgebackpilot wrote:
Congratulations on your approval! Mercedes Financial has always been easy to deal with. A couple of years ago, I got 1.9% APR for 36 months on my CPO 2016 GLE. At the time, my scores were about the same as yours.

Re: Mercedes Benz Financial - Question

Credit4Growth — Sat, 19 Sep 2020 23:21:13 GMT

Pretty nice... Congratulations!

To all, is this normal now, to ask for a copy OS the SS card?

Re: Mercedes Benz Financial - Question

blindambition — Sat, 19 Sep 2020 23:31:38 GMT

@Credit4Growth wrote:
Pretty nice... Congratulations!

To all, is this normal now, to ask for a copy OS the SS card?

It's becoming quite common for verification. Not surprising on a luxury car. Also, dealerships have delivered cars during COVID.

Re: Mercedes Benz Financial - Question

Credit4Growth — Sat, 19 Sep 2020 23:39:14 GMT

Thanks ol' blind-one...👋🤗

It is just this is a bit of a shocker to me. I have been visiting dealerships for months now and not once has this been mentioned to me, anyways.